TORONTO,
Aug. 24, 2012 /PRNewswire/ -
Eagleford Energy Inc. (OTCBB "EFRDF") ("Eagleford Energy" or the
"Company"), announces that the Company's wholly owned
subsidiary, Dyami Energy LLC ("Dyami Energy") has achieved
its target depth in drilling an Eagle Ford shale test well, on its
2,637 acre Murphy Lease in Zavala County,
Texas.
The well was drilled to a total vertical depth
of 4,473 feet. A full suite of logs from Weatherford International
Ltd. (NYSE: WFT) ("Weatherford") were run to test the Austin Chalk,
Eagle Ford shale Olmos, San
Miguel, Anacacho, and Georgetown formations. In addition over
25 cores were taken by the Company. The Company is awaiting
core analysis and log interpretation from Weatherford to determine the amount of oil in
place and possible completion techniques to stimulate
production.
The well was drilled for the Company by Dawsey
Operating LLC. Albert Dawsey stated
that, "supervising the well and being on location throughout the
job, I observed a high level of fluorescence in the drill cuttings
from a number of the formations and oil from cores retrieved from
the Eagle Ford formation was seeping into the core jars. I want to
review the core and log analysis and assimilate it with other
petrophysical data we have but based on what I know now I expect to
be recommending a completion program on this well to the
Company."
Accumulated petrophysical data indicates that
the Murphy Lease sits atop Serpentine plugs with multi-stacked
formations such as the Escondido, Olmos, San Miguel, Anacacho, Austin Chalk, Eagle Ford
shale, Buda and the Georgetown formations prospective to host
hydrocarbons.
Alan Gaines,
Director, stated, "We have several stacked targets on the
Murphy lease supported by logs and
data from Weatherford
International. Of significant import, total organic content,
permeability and porosity indicate that the Eagle Ford formation on
the Murphy lease held by Dyami
Energy has similar petrophysical attributes of commercially
productive wells within the established oil window of this prolific
play."
The Company's Murphy lease is located in northeast
Zavala County, Texas, and is part
of the Maverick Basin of Southwest
Texas, downdip from the United States Geological Studies
northern boundary of the Smackover-Austin-Eagle Ford total
petroleum system. This area is often referred to as the "oil
window" of the present Eagle Ford shale play. Data derived from
cores, logs and analysis of prior Murphy Eagle Ford wells
demonstrates this lease to be well situated in this oil window.
About Eagleford Energy Inc.
Eagleford Energy Inc. is a growth orientated oil
and gas company with a focus on growing hydrocarbon reserves, cash
flow, and net asset value per share through exploration and
production of mineral properties in South
Texas.
Certain information regarding the Company in
this news release may constitute forward-looking statements under
applicable securities laws. The forward-looking information
includes, without limitation, projections or estimates made by us
and our management in connection with our business
operations. Various assumptions were used in drawing the
conclusions or making the forecasts and projections contained in
the forward-looking information contained in this press release,
which assumptions are based on management analysis of historical
trends, experience, current conditions and expected future
developments pertaining to the Company and the industry in which it
operates as well as certain assumptions as specifically outlined in
the release above. Forward-looking information is based on
current expectations, estimates and projections that involve a
number of risks, which could cause actual results to vary and in
some instances to differ materially from those anticipated by the
Company and described in the forward-looking information contained
in this press release. Undue reliance should not be placed on
forward-looking information, which is not a guarantee of
performance and is subject to a number of risks or
uncertainties. Readers are cautioned that the foregoing list
of risk factors is not exhaustive. Forward-looking
information is based on the estimates and opinions of the Company's
management at the time the information is released and the Company
disclaims any intent or obligation to update publicly any such
forward-looking information, whether as a result of new
information, future events or otherwise, other than as expressly
required by applicable securities laws.
SOURCE Eagleford Energy Inc.